Unemployment Extension: We Need Jobs–Not Tax Hikes
By William Finch on July 27, 2010, 6:45 am Posted in Finance NewsSenator Orrin Hatch (R-Ut) said in a prepared statement Sunday that allowing the Bush era tax cuts to expire would be a step backwards in the recovery process and would also serve to kill jobs. He said that relentlessly high unemployment and the administration’s prediction of record high deficits this year could be the reason, and that the tax cuts from the Bush administration shouldn’t be allowed to expire.
In His Remarks
In his statement he said “If the administration raises taxes on the top two rates, then small businesses employing up to 20 million Americans will be hit, further threatening our weak economy and job creation.” And some economists agree with him. Harvard economist, Niall Ferguson, agreed with him when he said “It’s because they see the tax hikes coming that are implied by this fiscal policy.” The one true implication in this is that there will still be an extremely high unemployment rate, and millions already have been unemployed for more than a year.
All Agree On One Thing
Democrats agree that the tax cuts should be extended for the middle class, but the tax exemptions for the upper echelons being allowed to expire are where legislators part ways. Some are saying that the expiration of the tax cuts for the wealthy would be small help for the economic recovery, but Senator Hatch disagrees, “If we want to spur economic growth and reduce the deficit, then let’s stop these massive job-killing tax hikes.” One fix is to extend the tax cuts for the wealthy for a year, but the $40 billion price on it is too high for others, and they are demanding the cost be off-set, but this is still in the works. One other thing on the table is a possible small business carve-out, but exactly how this will operate isn’t clear at this time, but the idea is to cut out the increases for the small businesses that already pay top rates. Generous, don’t you think.
Related posts:
- Unemployment Extension: No Jobs Because Of Tax Hikes
- Unemployment Extension: To Extend Or Not Extend – That’s The Question
- Unemployment Extension: Tax Increases Anticipated By Wealthy
- If Bush Tax Cuts Expire: Will They Affect Those Making $250K Or Less
- Unemployment And The Economy: Show Us The Cuts To Pay For Tax Relief
WE NEED JOBS MAN! ENOUGH TALK.EVERYTHING IS TALK,TALK,TALK.AMERICANS ARE SICK AND TIRED OF TALK.WE WANT TO SEE ACTION NOW…WE HAVE SUFFERED THROUGH THIS DAMN RECESSION LONG ENOUGH.TIME FOR ACTION AND POSITIVE RESULTS NOW WASHINGTON!WE ARE WAITING……LETS GET IT TOGETHER!
Jobs aren’t being created by these tax cuts to the wealthiest people because the money is not being invested in ways that create jobs. These Republicans need to wake up, not all tax cuts are good for the country.
Besides according to Hatch and all the others the deficit is the #1 problem facing America. How do they propose to solve that problem without tax hikes? When asked these questions they have no answers. Typical.
The tax cuts are NOT doing a damn thing to help the economy, and by letting them expire, it’s NOT going to get any worse! The corporations, small businesses, and top 1-2% of the wealthiest in this country ARE NOT, HAVE NOT, and WILL NOT be using the extra revenue from the tax cuts to reinvest in the economy, or create jobs, they are HOARDING the extra income and/or profits, and NOT sharing! Look at the reports on the economy and jobs, the corporations are sitting on record profits, and not expending resources to HIRE and CREATE jobs; instead they are GREEDILY hoarding the profits for themselves! Wake up Republicans and quit coddling your wealthy friends, benefactors, and campaign contributors, and finally CARE about the OTHER 98% of the country! The tax cuts haven’t helped create jobs since the economy BEGAN to tank, and taking them away isn’t going to make it any worse!
It’s time for the gov’t. to play Robin Hood, and maybe if they take back the tax cuts, THEN the companies can be given the incentive that “if they create new jobs, and can maintain these new jobs for the long-term,” then there could be a JOB CREATION tax break…hmmmmm, just a logical concept???